Sultan of Brunei sells long-dormant Surfers Paradise site
The Brunei Investment Agency, associated with Sultan Hassanal Bolkiah, has sold a waterfront Surfers Paradise development site held three decades.
The 7558 square metre block, 3241 Surfers Paradise Boulevard, sold for close to $70 million to an undisclosed Dubai-based luxury apartment developer.
It is the largest single-lot beachfront land sale in Surfers Paradise, according to Colliers’ Steven King and Jackson Robinson.
It is also the second-priciest development site sale on the Gold Coast, they added.
The vendor acquired the property for $15 million in 1996 through a Brunei-linked corporate structure.
Development at last
L-shaped, also exposed to View Avenue and The Esplanade, the site has predominantly been used as a car park.
In 2012, then Gold Coast Mayor Tom Tate wrote to the Sultan urging him to develop.
Former federal politician Steven Ciobo also suggested the site could accommodate a casino-resort development (continues below).
The holding is one of the Gold Coast’s remaining beachfront development sites, with High Density Residential zoning and unlimited building height under the applicable planning controls.
In 2024, part of the beachfront holding was used for the Imaginator attraction.
Five offers were received following an expressions-of-interest campaign, the agents said.
“The property was ultimately acquired by a major international luxury property developer, underscoring the continued depth of domestic and offshore capital targeting premium Gold Coast development opportunities,” Mr King added.
“This result reinforces the enduring appeal of irreplaceable beachfront development sites and highlights the strength of demand for large-scale opportunities across South East Queensland,” according to the executive.
“Several underbidders from the campaign remain active in the market and are actively seeking comparable acquisitions”.
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